Financial Review and Control (FRC)

As outlined on the VPF’s website, the Department of Chemistry’s approach to monthly review is risk-based.

MIT requires that a person familiar with activity on an MIT cost object review the monthly transactions on that cost object as part of its overall system of internal controls. In compliance with MIT’s policy, all accounts should be reviewed within 30 days of the end of the previous month. Federal regulations limit the time allowed for transfers from one cost object to another, and errors caught promptly are generally much easier to correct. The transaction review ensures that cost object expenses and revenues are accurate, timely, complete and properly documented.

To complete your monthly Financial Review and Control, VPF has provided us with a special MIT-approved reporting tool that can be found at https://frc.mit.edu or through Atlas. This risk-based approach to FRC automatically highlights high-risk transactions and provides the FRC reviewer with a complete list of items to review. Please visit the training guide for a step-by-step guide to use the tool. If you have any questions, visit the FAQ site or contact the help desk.

For guidance regarding filing supporting documentation after the monthly FRC process, please feel free to contact any member of the Finance Team.